The millionaires are urging Chancellor Jeremy Hunt to tax the wealthy to help fund public services for all, rather than considering tax cuts.
Ahead of the autumn statement tomorrow, a group of UK millionaires have projected a message on to the Treasury building and the Bank of England which says: “Tax our wealth”.
The millionaires are urging Chancellor Jeremy Hunt to tax the wealthy to help fund public services for all, rather than considering tax cuts.
It comes at a time when Hunt is rumoured to be considering cutting inheritance tax. Fewer than 4% of estates require any inheritance tax to be paid at all, meaning cutting it will benefit only a wealthy few.
The group, known as Patriotic Millionaires, said in its projected message: “We’re not about to give up on this country. We need a wealth tax now.”
Other messages projected onto the buildings highlighted the fact that a 2% tax on those with more than £10 million could raise £22 billion a year, or £423 million a week. That could pay for the average salary cost of more than 600,000 nurses a year – over three quarters of the UK’s nursing workforce.
Phil White of Patriotic Millionaires UK said: “To prioritise cutting taxes, especially for the very richest, is dismal decision-making from this Chancellor on tax reform. Instead we can increase investment in Britain and take the pressure off working people by taxing the super rich.”
A recent YouGov survey found that three-quarters of Britons support a wealth tax.
Basit Mahmood is editor of Left Foot Forward
To reach hundreds of thousands of new readers and to make the biggest impact we can in the next general election, we need to grow our donor base substantially.
That's why in 2024, we are seeking to generate 150 additional regular donors to support Left Foot Forward's work.
We still need another 124 people to donate to hit the target. You can help. Donate today.